It faces the largest cryptocurrency exchange in South Korea, Upbit. A major security breach has sent shockwaves through the cryptocurrency community. This is after Upbit discovered earlier on Sunday. A fraudulent deposit was made on its platform, where fraudsters succeeded in passing off a fake currency as a legitimate Aptos Token (APT).
Upbit exposed for fraud The shocking hack was revealed when Upbit's system mistakenly identified the counterfeit currency as APT. This allowed the bot to deposit a large amount of fake tokens into many user accounts. As reported by Korean media “Web 3 Builders”.
The scale of the breach was staggering, affecting an estimated 100,000 accounts. They all have APT deposits. It is worth noting that the total value of fake APT tokens reached a staggering $3.4 billion. Making this one of the largest cryptocurrency security breaches in recent memory. There have also been reports of several Korean users who claimed to have received APT tokens without initiating transactions themselves.
In response to the hack, Upbit took immediate action to protect its users by suspending APT deposits and withdrawals. Pointing out the need to maintain the wallet system.
“Due to maintenance of the Aptos (APT) wallet system, we have suspended the Aptos (APT) deposit and withdrawal service. “We will resume deposits and withdrawals as soon as maintenance is completed,” the trading platform wrote in a statement to users. We will update the resumption of service through this notice.”
Behind the scenes, how did the scammers do it? And on social media. Help South Korean cryptocurrency specialist and co-founder of TUNABOT, “Mingmingbbs.” In revealing important details about the hack. The critic's investigation revealed that the fake APT tokens were not even the original Aptos network currency. Rather, it was a fraudulent token called “ClaimAPTGift.”
According to Mingmingbbs, the issue arose because the Upbit system did not properly verify the type of coins being transferred. It mistakenly treated all currencies as the same APT token. Normally, specific conditions should have been checked. Such as whether cryptocurrencies conform to a certain type. Fortunately, disaster was avoided because the scammer's token had a different decimal system (6) than the real one (8). This prevented users from getting $25,000 instead of $250. This could have caused “major disruption.”
However, despite the accident. Investors remained unfazed, pumping APT and dismissing the news as typical FUD.
